(Reuters) - Luxury group Burberry (BRBY.L) beat forecasts with a 24 percent rise in first-quarter underlying revenue, boosted by the timing of wholesale and licensing revenue and demand for outerwear and accessories.

Burberry Autumn-Winter campaign 2010

Chief Financial Officer Stacey Cartwright said on Tuesday it was too early to upgrade full-year expectations, but was optimistic the 154-year-old maker of raincoats and handbags would not be derailed by the growing number of countries adopting austerity measures to bring down government borrowing.

"There's so much that's going with the momentum in the Burberry brand right now that we do believe we continue to outperform almost irrespective of what the local economies are doing," she told reporters on a conference call.

Best known for its camel, red and black check pattern, Burberry weathered the recent economic downturn better than many rivals thanks to a quick response which saw it slash costs, jobs, stocks and ranges.

It has since stepped up investment, with a focus on emerging markets, e-commerce and menswear, and is reaping the benefits.

Revenue jumped 24 percent at constant exchange rates to 282 million pounds in the three months ended June, excluding a Spanish arm under restructuring, beating the average forecast of 263 million in a Reuters poll of eight analysts.

Some analysts, however, said the good news was largely priced into Burberry's shares, which trade at a premium to rivals like LVMH (LVMH.PA) and Richemont (CFR.VX).

"Although it is early in the financial year, forecasts are likely to move up. They need to in order to justify the premium share price rating," said Evolution analyst Dennis Weber.

Burberry shares climbed 2.6 percent to 810 pence in early trade. But by 9:35 a.m., they had slipped back to trade down 1.6 percent at 777 pence, the biggest fall on the benchmark FTSE-100 index .FTSE.

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Luxury goods firms mostly enjoyed a strong start to 2010 as the world economy moved out of recession. However, moves in many countries to rein in government borrowing, like higher taxes and public spending cuts, have raised fears demand will slow again.

Although a British survey on Tuesday showed a pickup in retail sales in June, data from the euro zone and United States show consumer spending remains fragile.

Burberry said sales at its retail shops rose an underlying 16 percent, including a 10 percent increase at stores open over a year, led by Britain, Italy, Germany, Hong Kong and Taiwan.

More goods were sold at full price than last year, which analysts said augured well for profit margins.

Wholesale revenues leapt an underlying 46 percent. But the group said this was helped by a pull forward of orders into the quarter and it kept its forecast for a high-teens percentage increase in first-half underlying wholesale revenues.

Similarly, while licensing revenues rose an underlying 14 percent, Burberry stuck to its forecast that they would fall by 5 to 10 percent over the full financial year due to the non-renewal of a leather goods licence in Japan and some menswear licences.

(Editing by Erica Billingham and Hans Peters)